Geojit BNP Paribas Broker Research reports

In Q2FY26, Lupin reported a consolidated revenue of Rs. 7,048cr, up 24.2% YoY, Lupin's India segment revenue rose 3.4% YoY to Rs. 2,078cr, led by an 8.8% growth in Rx business, strong chronic therapy momentum and robust volume growth,...

Gas volume rose 9.2% YoY to 4.593 million metric standard cubic metres per day (mmscmd), comprising the supply of 3.255 mmscmd compressed natural gas (CNG; +7.1% YoY) and 0.582 mmscmd domestic piped natural gas (PNG; +9.8%),...

Government initiatives, including GST rate reductions on key construction materials, serve as a major policy tailwind, improving cost dynamics and supporting demand recovery in the cement sector. Dalmia Bharat is focused on balancing margin and volume growth through a flexible market strategy. In line with its pan-India expansion vision, the company plans to scale its...

EBITDA increased 28.8% YoY to Rs. 667cr. EBITDA margin expanded 340bps YoY to 59.8%, driven by strong growth in revenue. Phoenix Mills delivered a strong performance in Q2FY26, driven by resilient retail consumption, improving occupancy across office assets and strong traction in *over or under performance to benchmark index residential sales. A strategic focus on experiential retail through concepts such as Gourmet Village, along with expansions into new geographies, is expected to further enhance footfalls and brand visibility. The office portfolio is witnessing robust...

Vedanta Ltd. had a healthy financial performance in Q2FY26 due to robust revenue growth and disciplined execution across its diversified segments. Despite a mixed macro environment, there was healthy traction in the aluminium, zinc and power segments. Its focus on environmental stewardship, community development and sustainable growth is expected to enhance its reputation. With multiple growth...

*over or under performance to benchmark index FMEG's revenue increased 13.8% YoY to Rs. 452cr, on rising demand from most categories. Solar performed well on the back of strong demand under central and state solar rooftop incentive schemes. Demand was, however, tepid in fans. 15.8% due to strong profitability in the W&C segment and operational efficiencies. Reported PAT grew 55.6% YoY to Rs. 693cr on account of growth in the topline,...

DMart Ready added 10 new fulfillment centers in key metro markets, while rationalizing presence by exiting five smaller cities. The platform now operates across 19 cities, reinforcing focus on high-potential urban clusters ....

BoB's Q2FY26 operations were supported by prudent liability management and *over or under performance to benchmark index strong asset quality. The management has guided for healthy credit expansion, led by the retail, MSME and agriculture segments, with corporate disbursements expected to strengthen in the second half as well. Margins are projected to remain stable, on the back of disciplined pricing and an improved asset mix. The bank continues to also scale up its digital ecosystem, deepen co-lending partnerships and expand international operations. A growing focus on cross-selling insurance,...

of higher material costs and product mix. However, operating efficiencies cushioned the impact, limiting margin erosion to 90 bps, at 29.4%. strong earnings visibility for the next 3 years. product mix, rising indigenous content and cost optimisation. We forecast...

Order inflow grew 13.6% YoY to Rs. 2,217.10cr, due to a 16% growth in the railway and metro segment, 40% in the renewables (wind and solar) segment and 10% in the industries segment. However, order inflows declined 43% in the transmission...

Tube Investments posted resilient performance in Q2FY26, underpinned by strong growth across key segments. Management reiterated that diversification remains a core advantage, with momentum supported by new specialised bike launches and the scaling up of EV platforms. The upcoming railway business and the addition of new verticals under TI Medical further enhance long-term visibility. With capex planned across both established and emerging divisions, TII is well-placed to maintain double- digit growth and reinforce its position in the industrial, power systems, and clean mobility markets....

*over or under performance to benchmark index Bharat Heavy Electricals Ltd (BHEL), a public sector entity, is India's largest engineering company. It supplies power plant equipment such as gas turbines, generators, thermal sets, diesel shunters, turbo sets, hydro sets, power transformers, switchgears, circuit breakers and boilers. It also manufactures compressors, valves, rectifiers, pumps, capacitors and oil rigs, and undertakes castings and forgings. BHEL's Q2FY26 revenue increased 14.1% YoY to Rs. 7,512cr, driven by an 18.0%...

EBITDA grew 36.7% YoY to Rs. 443cr, while EDITDA margin improved 170bps to 15.2%. The bottom line stood at Rs. 248cr, up 29.5% YoY. CG Power performed well due to revenue growth, margin expansion and a robust order inflow. Power system continues to lead growth, supported by sustained demand in transmission and distribution (T&D), renewables and the export market. Industrial system's revenue is likely to rise on the execution of railway projects and...

Eternal Limited delivered a strong result driven by strong execution in quick commerce business, a recovery in food delivery segment, and improved efficiency across its restaurant supply operations. EBITDA margins are expected to strengthen over time, aided by operational leverage, and effective cost control. The quick...

ICICI Bank delivered a satisfactory performance in Q2FY26 supported by healthy loan growth and resilient margin, amid a competitive environment. The bank highlighted continued traction across retail and business banking segments. Asset quality was stable, with prudent provisioning and strong capital buffers ensuring balance-sheet resilience. Its strategic focus on risk-calibrated profitable growth...

Transport Corporation of India Ltd. (TCI) is one of the largest integrated players in the organized logistics industry. Key business segments include freight, supply chain, warehousing solutions & shipping services. In Q2FY26, revenue increased by 7.5% YoY, driven by robust growth in Supply Chain Solutions (SCS) at 17.8% YoY and steady performance in...

V-Guard Industries Ltd (VGRD) is one of the leading players in the electrical consumer durables space. Major product segments include Stabilizers, Cables & Wires, UPS, Pumps and Electrical Appliances. In Q2FY26, revenue recorded a modest 3.6% YoY increase, constrained by an extended monsoon and subdued demand across summer-dependent categories such as AC stabilizers and fans. Gross margin rose to 37.6% (+170 bps YoY), supported by a favourable product mix and lower copper prices. However, EBITDA margin slipped to 8.1% (-40 bps YoY) due to reduced operating leverage. Sunflame business delivered 3.4% YoY growth, with integration progressing and synergy benefits anticipated over time....

Happiest Minds is expected to sustain double-digit revenue growth over the next three to four years, supported by steady execution and resilient margins. The Generative AI *over or under performance to benchmark index Business Services (GBS) and Net New (NN) unit continue to scale well, driving strong client additions and deeper artificial intelligence (AI)-led engagements. Growth visibility remains healthy across key verticals, with BFSI poised for recovery and healthcare gaining traction owing to modernisation and AI-driven programmes. Strategic investments in talent, vertical depth and sales capabilities are enhancing scalability and...

Mastek Ltd is a Mumbai-based global provider of digital engineering and cloud transformation services, operating in over 40 countries. It partners with Oracle, Salesforce, Microsoft, AWS, and Snowflake to deliver consulting, data analytics, and enterprise solutions. The UK and Europe contribute 64% of revenue, followed by the US and the Middle East. Sector-wise, Government and Education lead with 39%, Healthcare contributes 25%, while Retail, Manufacturing, and...